Binance, the world’s largest cryptocurrency exchange, announced it will now make all coin listing fees transparent and donate 100% of them to Blockchain Charity Foundation.
There was much controversy among the cryptocommunity concerning the astronomical amounts that Binance had allegedly been charging for listing tokens. Many did accuse Binance of opacity when it came to listing procedures. According to a study by Business Insider, cryptocurrency exchanges usually charge $50 000 to $1 000 000 for listing ICO tokens, as they have a great influence on the cryptocurrency market.
Now, the biggest crypto exchange has made an impressive first step towards transparency by promising to start disclosing all listing fee data:
#Binance Listing Fee Update:
Starting immediately, and going forward, Binance will make all listing fees transparent and donate 100% of them to charity. @BinanceBCFhttps://t.co/addXONK0Ip pic.twitter.com/8WrEfnmz3V
— Binance (@binance) October 8, 2018
The press release reads that the applicants for listing will now propose “donations” by themselves. There will be no “minimal fees”, and “a large donation does not guarantee or in any way influence the outcome of listing review process”.
Binance has also promised to publish several other policy updates soon, which will hopefully “increase the use of blockchain for public good”.
Blockchain Charity Foundation (BCF), a non-for-profit organization which will now be receiving 100% listing fees from Binance, proposes to use decentralized technologies to combat all forms of poverty and inequality and provide for stable social and economic development. The foundation is managed by UNIDO Goodwill Ambassador Helen Hai, whereas President of Malta Marie-Louise Coleiro Preca is its chairman.